Space tourism is defined as space travel for leisure, recreation, and business purposes. Space tourism is likely to be an emerging trend owing to the increased expenditure on travel and tourism globally. Adventure tourism involves a higher degree of risk and it is high in demand for the enthusiasts towards space tourism. Reduction in the cost of expenditure of space tourism is likely to gain traction for the space tourism market over the forecast period. Space tourism is an emerging concept wherein an optimal spaceflight is developed that will facilitate passengers to travel to outer space, Mars and the Moon. Increasing number of passengers signing up for space tourism coupled with the increasing investment from passengers is expected to propel the demand for space tourism in the coming years. Factors such as extent of journey, level of safety, and condition of aircraft, is expected to impact the growth of the space tourism market. Higher degree of risk associated with space tourism is likely to restrain the expansion of the space tourism market during the forecast period. Although space tourism involves a great deal of expenditure, there has been an increased interest among enthusiasts toward space tourism. The prospect and scope of space tourism is likely to drive the growth of next generation engineers. Prospect of hypersonic travel is likely to fuel the demand for space tourism over the forecast period. The reduced cost of infrastructure to launch nano-satellites in the solar system is likely to create more market opportunities for the space tourism market over the forecast period. Research and development to develop orbital space tourism is likely to fuel the growth of the space tourism market over the forecast period.
Based on type, the space tourism market is bifurcated into orbital and suborbital. Suborbital segment held the dominant market share in 2016 and is expected to have a growing market share over the forecast period. Passengers can experience weightlessness, acceleration of rocket launch, and the view of Earth over space from suborbital tours. Cost effective and efficient solutions of sub-orbital tours are likely to impact the growth of this segment over the forecast period.
Geographically, the space tourism market is segmented into North America, Europe, Asia-Pacific, Middle East & Africa, and Latin America. North America is likely to gain traction in the space tourism market owing to the development of human spaceflight programs in the U.S. Presence of numerous global vendors is one of the crucial factors driving the space tourism market in this region. This region is home to numerous billionaires which it is anticipated to fuel the space tourism market in the near future. The U.S. held the dominant share of the space tourism market in 2016 and is expected to retain its position over the forecast period. Europe is likely to have a growing market share due to increasing investment on the development of space tourism in countries such as France, Germany, the U.K,. and Italy. Considerable expenditure on research and development to explore the scope of space tourism is expected to drive the market in this region. Asia-Pacific is a potential market for space tourism owing to the rise in disposable income in this region.
The space tourism market is an emerging trend with a restricted number of vendors. Advancements of spaceflight technology, stringent government policies, and environmental regulations are factors that are likely to affect the growth of the space tourism market during the forecast period. Key players in the space tourism market are SpaceX, XCOR Aerospace, Bigelow Aerospace, Virgin Galactic, Boeing, Armadillo Aerospace, Excalibur Almaz, Space Island Group, Zero2Infinity, Space Adventures, and Astrium, among others.
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